MNI China Daily Summary: Wednesday, September 4

MNI: UK AUG FINAL SERVICES PMI 53.7 (FLASH: 53.3); JUL 52.5

RPT-MNI POLICY: Fed Prefers Gradual Rates Easing If Jobs Allow

MNI: PBOC Sets Yuan Parity Higher At 7.1148 Weds; +2.17% Y/Y

MNI: PBOC Net Drains CNY276.6 Bln via OMO Wednesday

CHINA PBOC CONDUCTS CNY0.7 BLN VIA 7-DAY REVERSE REPOS WEDS

US MBA: REFIS -0.3% SA; PURCH INDEX +3% SA THRU AUG 30 WK

MNI: US MBA: MARKET COMPOSITE +1.6% SA THRU AUG 30 WK

MNI: EUROZONE JUL PPI +0.8% M/M, -2.1% Y/Y

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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EQUITIES: E-Mini S&P Breaks Below 20- and 50-Day EMAs

EQUITIES
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Eurostoxx 50 futures have reversed course and this has resulted in a break of both the 20- and 50-day EMAs. The move lower highlights the start of a corrective cycle, paving the way for a pullback towards 4805.47 initially, a Fibonacci retracement. Initial firm short-term resistance has been defined at 4998.00, the Sep 3 high. A break of this level would reinstate the recent bullish theme. A bullish theme S&P E-Minis remains intact, however yesterday’s sharp sell-off signals the start of a corrective cycle. Price has traded through the 20-day EMA and pierced support at the 50-day average, at 5519.81. A clear break of the 50-day EMA would signal scope for a deeper retracement towards 5459.75, a Fibonacci retracement. Key near-term resistance has been defined at 5669.75, the Sep 3 high. A breach of it would be bullish.

  • Japan's NIKKEI closed lower by 1638.7 pts or -4.24% at 37047.61 and the TOPIX ended 99.78 pts lower or -3.65% at 2633.49.
  • Elsewhere, in China the SHANGHAI closed lower by 18.701 pts or -0.67% at 2784.278 and the HANG SENG ended 194.15 pts lower or -1.1% at 17457.34.
  • Across Europe, Germany's DAX trades lower by 144.96 pts or -0.77% at 18602.08, FTSE 100 lower by 65.77 pts or -0.79% at 8232.95, CAC 40 down 61.88 pts or -0.82% at 7513.22 and Euro Stoxx 50 down 52.6 pts or -1.07% at 4859.92.
  • Dow Jones mini down 81 pts or -0.2% at 40937, S&P 500 mini down 21 pts or -0.38% at 5521, NASDAQ mini down 112.75 pts or -0.59% at 18894.25.
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Eurostoxx 50 futures have reversed course and this has resulted in a break of both the 20- and 50-day EMAs. The move lower highlights the start of a corrective cycle, paving the way for a pullback towards 4805.47 initially, a Fibonacci retracement. Initial firm short-term resistance has been defined at 4998.00, the Sep 3 high. A break of this level would reinstate the recent bullish theme. A bullish theme S&P E-Minis remains intact, however yesterday’s sharp sell-off signals the start of a corrective cycle. Price has traded through the 20-day EMA and pierced support at the 50-day average, at 5519.81. A clear break of the 50-day EMA would signal scope for a deeper retracement towards 5459.75, a Fibonacci retracement. Key near-term resistance has been defined at 5669.75, the Sep 3 high. A breach of it would be bullish.

  • Japan's NIKKEI closed lower by 1638.7 pts or -4.24% at 37047.61 and the TOPIX ended 99.78 pts lower or -3.65% at 2633.49.
  • Elsewhere, in China the SHANGHAI closed lower by 18.701 pts or -0.67% at 2784.278 and the HANG SENG ended 194.15 pts lower or -1.1% at 17457.34.
  • Across Europe, Germany's DAX trades lower by 144.96 pts or -0.77% at 18602.08, FTSE 100 lower by 65.77 pts or -0.79% at 8232.95, CAC 40 down 61.88 pts or -0.82% at 7513.22 and Euro Stoxx 50 down 52.6 pts or -1.07% at 4859.92.
  • Dow Jones mini down 81 pts or -0.2% at 40937, S&P 500 mini down 21 pts or -0.38% at 5521, NASDAQ mini down 112.75 pts or -0.59% at 18894.25.